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QMed, Inc. Comments on Estimated 3rd Quarter Results & Medical Expense Ratio; Sets 2008 Revenue Guidance for Medicare SNPs at $88-95 Million
Date:9/27/2007

EATONTOWN, N.J., Sept. 27 /PRNewswire-FirstCall/ -- QMed, Inc., (Nasdaq: QMED) today announced it expects to report for the three and nine months ending August 31, 2007 revenue of approximately $10.8 million and $26.6 million and a net loss of approximately $9.2 and $13 million respectively. The Company's cash position as of August 31st, 2007 is approximately $6.4 million net of statutory reserves.

Jane Murray, president and CEO, said, "During the months of July and August, we experienced an unusual spike in the payment of medical claims related to services from prior months. As a result, we will report an increase in our incurred but not reported or paid claims liability (IBNR) for the third quarter ended August 31, 2007. This IBNR estimate will represent approximately 30% of total medical expenses for the nine months ended August 31, 2007 resulting in an MER (medical expense ratio) of approximately 114%. Given both our limited claims history, and the trending of costs that results from a continuous enrollment ramp which is very different from standard Medicare Advantage plans, the implications of these payments on our MER cannot be determined with certainty until we achieve a high completion rate which we estimate will be in December 2007.

"Our more than 12 years experience with Medicare chronics provides critical perspective on these costs. The experience shows that adding to patients' length of time in the program (LOTIP) uniformly has produced strong and beneficial effects on both patient health and costs. This is primarily because it takes time for physician-delivered best practice treatment plans to produce a beneficial population result. Given that, a large majority of our membership enrolled in 20
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SOURCE QMed, Inc.
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